중앙데일리

BOK Report Says Signs of Cash Crunch Began in 1st Quarter

June 26,2000

It was discovered that signs of the current liquidity crunch that is afflicting the secondary financial market appeared during the first quarter of this year, through signs such as the down turn of lending by investment trust companies and merchant banks.

According to a report on "Fund Circulation Trends in the First Quarter" which the state-run Bank of Korea (BOK) released on Monday, loans issued in the first quarter by non-banking financial institutions, including investment trust corporations, merchant banks, bank trust, and insurance companies, dropped by 7 trillion won from those issued at the end of last year. The amount spent on commercial papers (CP) and stocks also dropped by 1.9 trillion won and 500 billion won respectively, according to the tally.

Investment trust companies particularly sold off a staggering 17.8 trillion won worth of corporate bonds during the liquidity crisis when investors withdrew their money all at once, and investment trust companies also disposed of 2.2 trillion won worth of stocks. Meanwhile, financial institutions bought 2.3 trillion won worth of CPs, but the BOK attributed the net buying to the institutions' purchase of CPs instead of corporate bonds and exchanging maturity corporate funds with short-term funds.

On the other hand, bank lending surged by 18.5 trillion won, mainly centered on medium and small sized companies. This increase is a sharp turnabout from the end of last year when companies were working to reduce their debt-to-equity ratios and banks settled their financial statements, which consequently resulted in a drop in bank lending by 9.7 trillion won.

Chong Chong-ho, director of economic statistics at the BOK, stated, "Current jitters in the fund market, which were sparked by the secondary financial market, had already begun in the first quarter." He added, "Bank lending showed signs of improvement in the first quarter, but the cash crunch appears to have become aggravated in the second quarter after banks began to reduce their lending in preparation of the settlement of their financial statements for the first half of the year."



by Shin Ye-ri







1분기 자금 경색 조짐 나타나

지난 1분기중 이미 투신·종금 등 제 2금융권의 대출이 마이너스로 돌아서는 등 자금경색 조짐이 나타났던 것으로 드러났다.
 26일 한국은행이 발표한 '1분기 자금순환동향(잠정치)'에 따르면 1분기중 투신·종금·은행신탁·보험 등 비은행 금융기관의 대출이 지난해말보다 7조원이 줄어들었으며,회사채(-1조9천억원)및 주식(-5천억원) 매입 규모 역시 감소한 것으로 집계됐다.
 특히 투신사의 경우 예금인출 사태로 유동성 위기를 겪으면서 무려 17조8천억원 어치의 회사채를 팔아치운 것을 비롯,주식(-2조2천억원)도 대거 처분한 것으로 드러났다.기업어음(CP)은 2조3천억원 순매수로 나타났는데 이는 회사채 대신 CP를 매입,기업자금의 만기를 단기로 돌린데 따른 것이라고 한은은 설명했다.  
 반면 은행 대출은 중소기업 대출을 중심으로 18조5천억원이나 증가,기업들의 부채비율 축소와 은행들의 연말 결산이 겹쳤던 지난해말(-9조7천억원)에 비해 큰 폭의 증가세로 반전했다.  
 한은 정정호(鄭政鎬) 경제통계국장은 "제 2금융권에서 촉발된 현재의 자금시장 불안은 이미 1분기부터 시작된 것"이라며 "다만 1분기엔 은행 대출은 호조를 보였으나 2분기엔 상반기 결산을 앞두고 은행 대출마저 원활치않아 자금난이 심화된 것으로 보인다"고 말했다.










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